Hong Life CalculatorsUnderstanding the price per square foot calculator — concept and principle
Price per square foot (or per square metre or pyeong) lets you compare homes and other property of different sizes on the same scale. This calculator converts between area units exactly and, if you enter a second property, shows how the two compare.
How it is calculated
- Price per unit area = price ÷ floor area.
- Conversions: 1 ft = 0.3048 m, so 1 ft² = 0.09290304 m²; 1 pyeong (평) = 400/121 m² ≈ 3.3058 m².
- Difference = this property's price per area ÷ the second's − 1.
The principle
Dividing price by area removes the effect of size, so a larger and a smaller home can be compared directly. It works best for similar properties in the same area, because location, age, condition, lot size and quality also drive price. Area definitions matter: the same home can have different measured areas depending on whether net, gross or (in Korea) exclusive versus supply area is used.
Worked example
Default inputs: price 450,000 USD, 1,850 sq ft; second property 520,000 USD, 2,050 sq ft.
- Price per square foot = 450,000 ÷ 1,850 ≈ 243.24 USD.
- Area in m² = 1,850 × 0.09290304 ≈ 171.87 m²; price per m² ≈ 2,618.25 USD.
- Area in pyeong = 171.87 ÷ 3.3058 ≈ 51.99; price per pyeong ≈ 8,655.37 USD.
- Second property = 520,000 ÷ 2,050 ≈ 253.66 USD per sq ft.
- This property vs the second = 243.24 ÷ 253.66 − 1 ≈ −4.1% (cheaper per square foot).
| Floor area | Price per square foot |
|---|---|
| 462 | $972.97 |
| 925 | $486.49 |
| 1,388 | $324.32 |
| 1,850 | $243.24 |
| 2,312 | $194.59 |
| 2,775 | $162.16 |
| 3,700 | $121.62 |
How to read the result
A lower price per area does not automatically mean better value. Larger homes often have a lower price per square foot because fixed costs such as kitchens and bathrooms are spread over more space. Compare with recent sales of similar homes nearby, and adjust for differences in condition and features.
Common mistakes
- Comparing listings that measure area differently (for example including or excluding basements or balconies).
- Comparing across neighbourhoods with very different land values.
- Using price per area as the only valuation method.
- Mixing up Korean exclusive area (전용면적) and supply area (공급면적).
Frequently asked questions
How do you calculate price per square foot?
Divide the price by the floor area in square feet.
How many square metres is one pyeong?
Exactly 400/121 m², about 3.3058 m².
Why do bigger homes often have a lower price per square foot?
Costly rooms such as kitchens and bathrooms do not scale with size, so extra space adds less to the price.
Sources: NIST Special Publication 811, Guide for the Use of the International System of Units (conversion factors) · 계량에 관한 법률 (법정계량단위; 평은 비법정 단위)